Fannie Mae And First American To Provide Lenders With Electronic Access To Products Over MORNETPlus
December 21, 1999, SANTA ANA, Calif.
Mortgage lenders across the nation will be seamlessly connected to First American's products and services, and will be able to request and receive title insurance, flood certifications and appraisals from First American's family of companies. Today's announcement is another key component of Fannie Mae's "Open Access" initiative, which provides lenders with broader access to more services and service providers in one convenient location.
"Fannie Mae is committed to providing lenders with access to all the services they need to conduct business electronically. To that end, we're happy to offer lenders electronic access to the mortgage services that The First American Financial Corporation provides on our network," said Earl Thomas Booker, III, Fannie Mae's vice president for technology marketing. "With the addition of First American, lenders will have more choices, more flexibility, and more efficiencies. By using the MORNETPlus network, lenders can access multiple automated underwriting systems and a wide range of additional mortgage transaction services and service providers to process all their lines of business."
Fannie Mae and First American will integrate their networks to provide electronic access to First American's suite of products and services. The networks will leverage FASTDirect, First American's direct-connect solution, which will link MORNETPlus with First American's back-office production systems and allow for the delivery of First American's products and services directly to Fannie Mae's lenders.
"Mortgage lenders are an important segment of First American's customer base, and we are always looking for new technologies that will allow us to better serve them," said Don Robert, executive vice president of First American Real Estate Information Services, Inc. "We are finding tremendous success with our multiproduct, e-commerce offerings. We are extremely pleased to have entered into this agreement with Fannie Mae which will also allow us to continue expanding our cross-selling opportunities, while improving efficiencies and streamlining the ordering process."
Fannie Mae provides access a wide variety of automated underwriting services to lenders for conventional, jumbo, sub-prime, and government mortgages on its MORNETPlus Network through agreements with Countrywide, First Union, GE Capital Mortgage Services, GMAC/Residential Funding Corporation, Merrill Lynch Credit Corporation, PMI Mortgage Services, and Standard & Poor's. In addition, lenders can access more than 200 credit reporting agencies, and several other technology tools over the MORNETPlus Network. "We are already realizing value from Fannie Mae's Open Access initiative and look forward to having more choices on the MORNETPlus network from First American," said Barry Bier, senior vice president of GMAC Mortgage Corporation. "We are pleased to work with Fannie Mae and First American as they provide lenders with electronic access to the services and products necessary to close a loan."
The First American Financial Corporation, based in Santa Ana, Calif., is the nation's leading provider of business information and related products and services. The corporation's three primary business segments include: title insurance; real estate information and services, which includes mortgage origination, mortgage servicing and database products and services; and consumer information and services, which provides home warranties; automotive, subprime and direct-to-consumer credit reporting; property and casualty insurance; property and automotive insurance tracking services; resident screening; pre-employment screening; lender-placed flood and hazard insurance; investment advisory; and trust and banking services. Information about the company and an archive of its press releases can be found on the Internet at www.firstam.com.
Any statements in this document that look forward in time involve risks and uncertainties, including but not limited to the following: the effect of interest rate fluctuations; changes in the performance of the real estate markets; the effect of changing economic conditions; general volatility in the capital markets; the demand for and the acceptance of the company's products; changes in applicable government regulations; continued consolidation among the company's significant customers; consolidation among significant competitors: the impact of the legal proceedings commenced by the California attorney general and related litigation; the continued ability to identify businesses to be acquired; changes in the company's ability to integrate businesses with its acquires; and the contingencies associated with the Year 2000 issue. The company's actual results, performance or achievement could differ materially from those expressed in, or implied by, any forward-looking statements, and, accordingly, no assurances can be given that any of the events anticipated by the forward-looking statements will transpire or occur or, if any of them do, what impact they will have on the results of operations or financial condition of the company.